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Most Spring people (Springs) are between the ages of 20 and 35 and many are not yet married or in a common-law relationship.  It is quite common for Springs to be living at home with their Parents, possibly saving for a down payment on their first home purchase.  As relatively new members of the work force, it is important to build good financial habits such as:

  • Creating an investment savings plan
  • The responsible use of credit cards and minimizing debt
  • Starting a risk management program 

Starting an investment savings plan as early as possible lays the groundwork for future financial success.  Equally important is the responsible use and minimization of debt.  Paying your bills and any loans you have on time is an important step in building your credit score.  Most Springs don’t own a home and also don’t have any dependents, so typically their need for life insurance is relatively small or even non-existent.  However, you still need to have a plan in place to protect your most important asset… YOU!  One of the biggest risks in the Spring season is getting critically ill or becoming disabled and losing the ability to work.  Starting a risk management plan in the Spring season is prudent, long term planning.

At Five Seasons Financial, we believe it is important to start these good financial habits as early as possible to set yourself up for future financial success.

Key planning consideration in the Spring season include:

  • Starting an investment plan 
    • What is a Tax Free Savings Account (TFSA)?
    • What is a Registered Retirement Savings Plan (RRSP)?
    • What is compound interest and how does it work?
  • Debt management 
    • What is a credit rating and how do I build one?
    • Minimizing credit card debt
  • Starting a risk management plan 
    • Do I need life insurance?
    • Do I need critical illness or disability insurance?
  • Understanding employee benefits 
    • Employee Group Benefits
    • Employer Group RRSP’s and pensions
  • Understanding income taxes 
    • Tax minimization strategies

To start your financial plan today or if you have any questions, please contact us.